Deduction Limitation for Expenses Paid with PPP Funds: The IRS issued additional guidance on Wednesday, November 18, 2020, which expands on their prior position that otherwise deductible expenses that are paid using PPP loan funds are not deductible[1]. Revenue Ruling 2020-27 provides that if you received a PPP loan in 2020 and expect the loan
On Tuesday, October 13, 2020 the U.S. Small Business Administration (SBA) released guidance confirming that the Paycheck Protection Program (PPP) loan forgiveness applications are not due on October 31st, 2020 as originally stated on the loan forgiveness application forms. Instead, anyone who received a PPP loan may submit a loan forgiveness application any time before
President Trump announced four executive orders on Saturday, August 8th, 2020. One of the Orders included a payroll tax holiday that will start September 1st, and go through December 31st, 2020. The President directed the Secretary of the Treasury to defer the withholding deposit, and payment of Social Security taxes. Typically, employees and employers each
Every year the Internal Revenue Service (“IRS”) announces a list of twelve of the worst tax scams that taxpayer may encounter that year, it is referred to as the Dirty Dozen. This year’s list contains a special emphasis on scams related to Coronavirus tax relief. Taxpayers are encouraged to look out for these scams throughout
A Convenient Location Our office is conveniently located in the Park Central Office Building and easily accessible from all areas of Atlanta. Same Numbers Office: (404) 365-5682 Fax: (404) 365-5685 New Emails Douglas R. Thompson: rthompson@ttmlawyers.com Baxter L. Thompson: bthompson@ttmlawyers.com Jarrett E. Martin: jmartin@ttmlawyers.com Lauren D. Singer: lsinger@ttmlawyers.com Same Exceptional Legal Counsel Our team of
The Paycheck Protection Program Flexibility Act was signed into law on June 5, 2020. The act contains the following provisions that will change how PPP borrowers can maximize forgiveness of their loans. 1. Repayment Period Extension For new PPP loans, the repayment period has been extended from two years to five years from the date
We are all faced with the unique challenge of financial uncertainty, due to the economic impact of Covid-19. While our leases, expenses, and contract obligations remain fixed, our ability to work, the ability of our customers or clients to pay, and future economic prospects are all beyond our control. There are solutions, but they require
The Covid-19 challenge has changed our perspectives and redirected our planning, in ways we could have never expected. The two most directly impacted areas, for individuals, are health care and the ability to manage day-to-day finances. Many of you have already executed a Georgia Advance Directive for Health Care (“Advance Directive”) and Statutory Form Power
We hope you are doing well and continue to stay safe during these times. This newsletter is to update you on the recent Interim Final Rules issued by the SBA on April 14, 2020 and additional guidance regarding the Paycheck Protection Program (“PPP”) on April 2, 2020 which by be applicable to you and your
On March 27, 2020 we sent out a memorandum that provided details on Covid-19 aid available for small businesses. The CARES Act was officially signed into law later that day. As a result, we wanted to address some additional questions that you may have. Loans Available to Small Businesses: Small businesses (businesses with less than
